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Deutsche's Ackermann Skirts Capital Problem

By

Simon Nixon

Updated Feb. 2, 2012 10:04 p.m. ET

Josef Ackermann can relax: Barring disaster, he can now look forward to retiring as chief executive of Deutsche Bank in May without having to raise equity. Despite a €3.2 billion ($4.2 billion) capital hole under the European Banking Authority's July 2011 stress tests, the German bank reported a core Tier 1 equity ratio of 9.5% on Dec. 31, well above the 9% stress-test threshold, putting immediate concerns over its capital to rest.

But will his successors, co-chief executives-designate Anshu Jain and Jurgen Fitschen, be so...